National Home Ownership Week began in 1995 to help increase home ownership across the nation and was expanded to be observed for the entire month of June in 2002. Since then, real estate agents, loan officers, housing counselors, the US Department of Housing and Urban Development and many more have come together every June to help spread the word to Americans that together we can help make home ownership happen for first-time buyers across the country. In honor of that commitment, we have provided our readers with information below on the resources we have to help make their dream of home ownership a reality.
NC Home Advantage Mortgage™
All of our mortgage products are under our NC Home Advantage Mortgage™ umbrella, which offers down payment assistance up to 3% of the loan amount for first-time and move-up home buyers. Despite rising interest rates, the NC Home Advantage Mortgage™ provided 4,660 home buyers with the affordable mortgage option they needed to purchase a home in 2023. Visit the NC Home Advantage Mortgage™ webpage to learn more.
NC 1st Home Advantage Down Payment
First-time home buyers and military veterans who qualify for an NC Home Advantage Mortgage™ may be eligible for an even bigger boost with our NC 1st Home Advantage Down Payment which offers $15,000 in down payment assistance. The NC 1st Home Advantage Down Payment helped 3,530 first-time buyers and military veterans last year to get them over the down payment hurdle. Visit the NC 1st Home Advantage Down Payment webpage to learn more.
NC Home Advantage Tax Credit
The NC Home Advantage Tax Credit helps eligible first-time home buyers and military veterans save up to $2,000 a year on their federal taxes with a Mortgage Credit Certificate (MCC). This boost helped more than 650 new home buyers more easily afford their mortgages in 2023. Visit the NC Home Advantage Tax Credit webpage to learn how an MCC works.
Community Partners Loan Pool (CPLP)
The CPLP is our most generous program with up to 25% down payment assistance or a maximum loan of $50,000 (whichever is less) for eligible low- and moderate-income home buyers. Assistance is provided as a zero interest, subordinate loan that must be combined with an NC Home Advantage Mortgage™ or a USDA Section 502 Direct loan. Visit the Community Home Buying Programs webpage to learn more.
Self-Help Loan Pool (SHLP)
The SHLP works with participating Habitat for Humanity affiliates to provide zero interest, shared mortgage financing to help eligible low- and moderate-income buyers purchase a Habitat home. Eligible buyers must participate in the construction or rehab of the home they are purchasing, as well as meeting other requirements. Visit the Community Home Buying Programs webpage to learn more.
The NC Housing Finance Agency is committed to providing safe, affordable housing opportunities to enhance the quality of life of North Carolinians. We have helped more than 133,420 home buyers since our creation and will continue to provide resources to make home happen for home ownership hopefuls across the state.
Want to learn more about how we have helped finance affordable housing opportunities? Our 50-year timeline has throwback photos and interesting facts about the Agency. Help us celebrate our 50th anniversary by checking it out!
